Set your calendars for a great barbeque competition at the 10th annual Hogs for the Cause on March 23-24, 2018 at UNO’s Lakefront Arena Fairgrounds! This charity benefits children with brain
How To Clean Up Your Credit Score
When it comes to buying a home your FICO score, or credit score is one of the main factors that will decide what type of loan you qualify for or if you qualify for a loan. What is a FICO score you ask? It is a simplified calculation of your history of paying back debts and making regular payments on loans. If buying a home is on your list for 2016 cleaning up your credit score needs to be your top priority. I recommend speaking to a lender first but if you want to do it at home here are some tips to help you. First, you can pull your credit report for free once every 12 months using the website annualcreditreport.com and pay a small fee to receive your credit score. There are three major credit bureaus (Experian, Equifax & Transunion). Each credit bureau will release its own credit score and report and their scores are usually equivalent.
The Federal Housing Administration requires a credit score of 580 to do a down payment of 3.5%. Most major lenders require a credit score of 620. Did your credit score come back lower? Don't panic. Here are some other tips to help raise your score. Look carefully over your report to make sure there are no errors or discrepancies. If you do find an error send a dispute letter to that bureau with as much documentation as possible. Do you have one or two late payments that were an accident and are now showing up on your credit report? Call that company and see if they can remove it from your report. This also brings us to signing up for auto drafts so that you won't miss payments or pay late. This is especially helpful if you have a history of late payments. Payment history makes up 35% of your credit score so paying on time is something you must commit to in order to have a great FICO score. Just a reminder that negative items such late or missed payments can stay on your report for seven years. Another great tip to increase credit is to pay off your debt. If this isn't an option for you right now you could always increase your credit limit. This will increase your debt-to-credit ratio giving you a higher credit score. Start working on these tips and you'll get that score up in no time. If you have any additional questions regarding your credit score or qualifying for a loan please give me a call or email me and I would be happy to help you!
Libby is a proud mother of three children and currently resides on the Northshore in Mandeville. She was born and raised in Southern California and has personally moved several times with her family s....
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